Stocks closed higher after losing ground in the last few minutes of the session following the release of the Federal Reserve's minutes indicating the central bank would step in to stimulate the economy "before long." Bank of America and Alcoa rose, while Verizon fell.

Stocks lost ground in the last few minutes of the session, although remained higher, following the release of the Federal Reserve's minutes indicating the central bank would step in to stimulate the economy "before long."

The Dow fell below 10,000 for the first time since last November amid worries about the US job market and Europe's ability to get a grip on its debt. The blue-chip index is now down over 4 percent for the year.